![]() ![]() If the insurance-to-value is less than 80% for a dwelling or other structure, an insurer may limit its liability for loss to the larger of the following: Functional replacement cost full#Insurers may require an insurance-to-value ratio of no more than 80% before full replacement cost loss settlement applies.ī. Insurers may apply an insurance-to-value ratio for replacement cost loss settlement as follows:Ī. When the repair or replacement cost is $2,500 or less, insurers shall be liable for the full cost of repair or replacement before the repair or replacement has been completed.ĥ. The claim for the difference must be made within six months of (i) the last date on which the insured received a payment for actual cash value or (ii) date of entry of a final order of a court of competent jurisdiction declaratory of the right of the insured to full replacement cost, whichever shall last occur.Ĥ. ![]() Functional replacement cost code#The insured may assert a claim for the actual cash value of the dwelling or other structures without prejudicing the insured's right to make further claim for the difference between the actual cash value and the replacement cost in accordance with § 38.2-2119 B of the Code of Virginia. The amount spent in repairing or replacing the dwelling or other structures, or a part of the dwelling or other structure and intended for the same occupancy and use.ģ. The replacement cost of the dwelling or other structures or a part of the dwelling or other structure on the residence premises and intended for the same occupancy and use orĬ. The limit of liability applicable to the dwelling or other structures ī. Insurers may limit replacement cost loss settlement to the following:Ī. Wall-to-wall carpeting is permanently installed flooring.Ģ. Insurers shall apply replacement cost loss settlement to property described under subsections A and B of 14VAC5-342-40, including permanently installed flooring. Insurers shall apply replacement cost loss settlement as follows:ġ. Outdoor radio and television antennas satellite dishes orĬ. Insurers may apply actual cash value loss settlement to:ī. Actual cash value of the damaged property.Ģ. Cost to repair or replace with like kind and quality orī. Subject to the limit of liability, insurers may pay the smaller of the following amounts:Ī. Insurers shall apply actual cash value loss settlement as follows:ġ. ![]() Insurers shall include loss settlement provisions in accordance with this section.ī. ![]()
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